JPMorgan CEO Dimon Cuts Chicago Mansion's Asking Price Again
Jamie Dimon, chief executive officer of JPMorgan Chase & Co.
Nelson Ching/Bloomberg
Jamie Dimon, chief executive officer of JPMorgan Chase & Co.
Jamie Dimon, chief executive officer of JPMorgan Chase & Co. Photographer: Nelson Ching/Bloomberg
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., sliced about $2.6 million off the asking price of his Chicago mansion.
The Gold Coast neighborhood property is now listed for $6.95 million, according to the website of broker Sudler Sotheby’s International Realty, which earlier this year listed it for $9.5 million. It was previously listed for $10.5 million by Koenig & Strey GMAC Real Estate.
“They’re trying to make a bold move to get ahead of the market,” said Jim Kinney, vice president of luxury sales for Baird & Warner, a residential brokerage in Chicago. “This time next year, that house is not going to be on the market. They’re going to find whatever it takes to get it sold.”
Dimon and his wife Judith bought the house in 2000 for $4.7 million, according to records on the website of the Cook County Recorder of Deeds. The mansion, built in the late 1800s, has eight bedrooms and nine full bathrooms. Dimon first listed it for sale in April 2007 for $13.5 million.
The property, near Lake Michigan and Oak Street Beach, has a rooftop terrace, wine vault and gym, according to the listing. Located on the corner of tree-lined Astor and Banks streets, it lies in one of the city’s most expensive neighborhoods and is among the largest homes in the Gold Coast.
Thomas Kelly, a spokesman for New York-based JPMorgan, declined to comment. Janet Owen, the listing agent for the property, didn’t immediately return a telephone call seeking comment.
Dimon bought the house, at 25 E. Banks St., when he headed Chicago-based Bank One Corp. Dimon, 54, helped engineer the sale of Bank One to JPMorgan Chase in 2004.
The latest price cut was reported earlier today by Business Insider.
Sales of single-family homes and condominiums in Chicago fell 20 percent to 1,589 in July from 1,975 a year earlier, the Illinois Association of Realtors said Aug. 24. The median price dropped 20 percent to $196,500 from $245,000.
To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net.
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